[Adopted 9-30-1994 by L.L. No. 9-1994 (Ch. 64, Art. II, of
the 1971 Code)]
Notwithstanding the limitation on the amount of the exemption
prescribed in Subdivision 1 or 2 of Real Property Tax Law § 458,
if the total assessed value of the real property for which such exemption
has been granted increases or decreases as the result of a revaluation
or update of assessments, and a material change in level of assessment
is certified for the assessment roll pursuant to the rules of the
Commissioner of Taxation and Finance, the Assessor shall increase
or decrease the amount of such exemption by applying such change in
level of assessment. If the Assessor receives the certification after
the completion, verification and filing of the final assessment roll,
the Assessor shall certify the amount of exemption as recomputed pursuant
to this section to the local officers having custody and control of
the roll, and such local officers are hereby directed and authorized
to enter the recomputed exemptions certified by the Assessor on the
roll.
[1]
Editor's Note: Original § 64-16 of the 1971 Code, Legislative findings, and § 64-17, Applicability, which immediately preceded this section, were repealed at time of adoption of Code (see Ch. 1, General Provisions, Art. I). Amended at time of adoption of Code (see Ch. 1, General Provisions, Art. I).
Owners of property who previously received an exemption pursuant
to § 458 of the Real Property Tax Law but who opted instead
to receive exemption pursuant to § 458-a of the Real Property
Tax Law are hereby authorized to again receive an exemption pursuant
to § 458 of the Real Property Tax Law upon application by
the owner within one year after the adoption of this article, provided,
however, that no refunds or retroactive entitlements shall be granted.
The Assessor shall recompute the amount of such exemptions by applying
the cumulative change in level of assessments certified by the Commissioner
of Taxation and Finance measured from the assessment roll on which
the owner's property last received an exemption pursuant to § 458
of the Real Property Tax Law.
This article shall be applied retroactively to an assessment
roll prepared on the basis of a taxable status date.
